ING Luxembourg recorded a 106.5 million euro net profit in 2014, with credit activities growing 42 percent, according to figures published on Thursday.

The results show an underlying net profit of 3.424 billion euros, up 8.5 percent on 2013's performance.

Growth was recorded in all business areas with Private Banking recording a 1 percent growth in deposit volumes and credit activities rose 8 percent. Also during the year, ING Luxembourg was awarded Best Private Bank Luxembourg by The Banker.

Retail Banking segments delivered the goods with a 12 percent rise in credits and 19 percent growth in deposits.

Of all areas, Commercial Banking recorded the strongest growth with credit volumes up 78 percent and deposits rising 16 percent.

The bank showed it is continuing to attract new clients with new joiners rising 11 percent.

Added to the bank's performance, its team also grew with 50 new employees joining ING Luxembourg.

“We can really be satisfied with our 2014 performance, given the hyper competitive environment in which we presently evolve and given the low interest rates,” ING Luxembourg CEO Luc Verbeken said in a statement.